Vancouver Real Estate Updates
Full version in Cantonese can be heard from my Podcast.
Low interest rate keeps the real estate market steaming hot. One project in Yaletown area had long line up during the rain n cold last week, asking average $720 per sf. Realtor paid $200 to buy a front spot. If you are interested in pre-sale, I know there'll be many choices next year after the Olympic. I personally still like to invest in DT. I understand there are some buyers feel DT price is too high but from the investment point of view, that's the place I don't have to worry about renting it out or have couple of months vacancy.
We keep on hearing multiple offers still very active. There are 2 sides to sales over list price. One is staged (artificial) when it’s purposely under-priced to attract multiple offers over $200k + over asking but if priced on the market, the difference is nominal. Good info to pass onto your clients.
Chinese likes to do verbal offer all the time. However, an offer is an offer only when it is in writing and signed. Don’t get caught negotiating verbally. An offer that has expired and being negotiated verbally is not “live” or in play.
If you wish to build your dream home. Be cautious of plot plans and zoning. The size you see on a map, even if from Land Titles may not be accurate which is critical for duplexes. Verify with city engineering as there may be modifications or “explanatory plans”. The planning department may not provide the proper info. Building on the westside in some areas have more restriction than other areas. It sometimes restricted the buildable size of the house as well as the style of the house. To build a nice house for yourself, pls be prepared it will take between 9 months to a year and a open cheque book. It's common people will spend at least 10% more than the original budget. Lastly, bank requires a lot more info to grant a construction loan.
For further assistant, pls feel free to contact Tina at tinamak@tinamak.com or 604-4125860
